GST Compliances
GST is the single largest indirect tax in India. That being a fact, the tax law is still in its evolving stages, opening doors to efficient ways in doing ethical business all over the country. While introducing this ease of doing business, the GST has laid certain ground rules which need strict compliance. If failing to do so, the compliances can become a trouble area for the business owner.
The cost of Non-Compliance for GST is extremely high in terms of direct financial penalties which are imposed on a per day basis. Besides leading to leakage of revenue and diminution in the business ranking, Non-Compliance can pile into severe penalties cutting in the Bottom Line of the Business. This is a major Impact for any business and can reflect in its very existence.